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I predict we won't see any downward move in prices for the next 3 months whilst sellers come to terms with buyers not having enough money to keep prices at current levels - we need the market to move down as a whole, so sellers who are looking to trade up can see the house they want also falling in price - once we start to get falls, then prices should continue the descent

so don't be too impatient and always remember that the average punter doesn't know the difference between a credit crunch and a ginger crunch

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My personal bellweather of the market is N17. End 2006, when I started looking to buy, decided it stunk and found this site, N17 2 beds were around 180. By Feb, they were 200-210, now, the lowest is 159 (quite a few of these), then main range 185-195.

I expect many of these to be investments properties, and expect investment properties in areas rife with investment properties to race to the bottom much faster than a residential market.

I think Cletus maintains N17 is up and coming, rather than down and going. Where is he these days?

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I predict we won't see any downward move in prices for the next 3 months whilst sellers come to terms with buyers not having enough money to keep prices at current levels - we need the market to move down as a whole, so sellers who are looking to trade up can see the house they want also falling in price - once we start to get falls, then prices should continue the descent

so don't be too impatient and always remember that the average punter doesn't know the difference between a credit crunch and a ginger crunch

I think it will be met with a good deal of disbelief at first too. Sellers thinking that buyers are trying their arm. Once reality bites I think the whole thing will snowball.